(1) This Part permits a company, subject to compliance with certain requirements, to re-register as another type of company.
(2) This Part is in addition to -
(a) the provisions of Chapter 6 of Part 2 requiring or enabling an existing private company (within the meaning of Part 2) to re-register as a designated activity company limited by shares during the period specified in that Chapter,
(b) the provisions of sections 1040 and 1041 concerning the re-registration of a PLC as another type of company where the effect of the PLC cancelling its own shares will be that the nominal value of the PLC's allotted share capital is brought below the authorised minimum.